Volcom 3Q profit falls on lower sales

Apparel maker Volcom says 3Q profit falls as sales drop

• On 6:40 pm EDT, Thursday October 29, 2009

COSTA MESA, Calif. (AP) -- Volcom Inc., maker of clothes under The Stone brand, said Thursday its third-quarter profit fell on lower sales as consumers remained conservative in their spending.

The company also said its fourth-quarter profit would be lower than what Wall Street anticipates.

The apparel maker, based in Costa Mesa, Calif., earned $13.3 million, or 54 cents per share, in the quarter that ended Sept. 30. That is down from the $16.3 million, or 67 cents per share, it earned a year earlier.

The latest quarterly results beat a 37 cent per share prediction of analysts surveyed by Thomson Reuters.

Revenue fell 16 percent to $93.9 million from $111.1 million. Analysts had expected $84.8 million.

The company also said it expects fourth-quarter profit of 1 cent to 4 cents per share, compared with an 11 cents per-share profit expectation of analysts.

Volcom also said it expects 2009 profit to be 76 cents to 79 cents per share. Analysts expect 69 cents per share.

Volcom shares fell 17 cents to $17.29 in aftermarket trading after closing Thursday at $17.46, up 17 cents from a day earlier.